Access to global markets
The simplest route for investors is to open an account in a country with a regulatory environment that accommodates foreign participation. Countries such as Kazakhstan, the United Arab Emirates, Kyrgyzstan, Türkiye, and Armenia are commonly cited. Among them, Kazakhstan-based brokers and banks offer the most convenient access, with the process typically requiring a local SIM card and an individual identification number. This approach has been described in recent industry discussions as card or financial tourism.
In Kazakhstan, digital services are well developed, enabling rapid onboarding. Astana hosts an International Financial Center where operations adhere to international standards. A recognizable name for many Russian investors is Freedom Finance Global, part of Freedom Holding, a financial group whose shares are traded on Nasdaq, the United States stock exchange network.
Opening an account with a Kazakh broker linked to international markets enables investors to acquire shares of globally recognized companies, units of mutual funds or exchange-traded funds, and various bonds and other instruments priced in foreign currencies. Markets have shown resilience this year, presenting Russian investors with a potential opportunity as markets anticipate a pre-New Year rally and a historical growth pattern for indices in this period.
Beyond broad access to leading equities from Tesla and Apple to major commodity firms, investors can engage in initial public offerings of promising enterprises or large incumbents entering the stock market. Bonds provide a pathway to passive income, with coupon payments and potential price appreciation. This class of assets typically appeals to investors with significant market experience and capital.
Earn up to 12% in dollars
Bond opportunities with Freedom Holding A.Ş. have attracted attention due to the prospect of dollar-denominated returns. The first two years offer a fixed rate up to 12 percent for early applicants who participate by December 7. Demand has been strong, prompting adjustments in issuance volume. For applications submitted after December 8, the return remains at a minimum of 11.5 percent, a solid level for a foreign exchange instrument in today’s market.
The paper’s face value is $100, with the coupon paid monthly. Issuance is planned for mid-December, and participation remains open through foreign brokers with minimum submissions around $1,000.
Bonds serve as a means for a company to borrow money from investors to support various initiatives. In this structure, profitability guarantees are provided by the Freedom Holding Corp. framework, while issuances originate from Kazakh entities. The instruments are listed on the Astana International Exchange and can be traded similarly to other investment products on any trading day, with no undue risk from foreign securities correlations or subsidiary entities.
Freedom is seeking funds for a new venture, a telecom operator named Liberty Telecom. This project sits within Freedom’s broader ecosystem, alongside a bank, brokers, a retail network, and other financial and insurance services. The aim is to supply stable high-speed Internet and 5G across Kazakhstan at affordable prices, complementing the existing financial services ecosystem. The outlook for bonds reflects the profitability and sustainability of Liberty Holding’s diverse operations, which together hold assets surpassing several billions of dollars, supported by a credit rating and solid quarterly revenue.
Kazakhstan benefits from a favorable economic climate, robust market liquidity, affordable telecommunications, and a comparatively stable currency. A supportive business environment creates opportunities for telecom sector growth. While some industry commentary notes that telecom infrastructure has room to improve relative to peers, Freedom anticipates substantial potential in data center development across Central Asia, supporting government services and private sector use in telecom, technology, and space industries.
The funds raised through the bond issue are planned to support an intercity backbone optical network, the creation of a major data center system, and the initial phase of 5G deployment. The leadership expects rapid returns from an enhanced national network and views this as a foundation for broader digital services, education, health, and security improvements. The strategy aims to expand the customer base and introduce new products that rely on a high-quality communications backbone.
The executive sees significant opportunities to reduce latency and improve access to the Internet in Kazakhstan. The envisioned network expansion is intended to yield quick returns, with the goal of building the largest telecommunications infrastructure in the country by 2028. Projections suggest telecom profitability could emerge as soon as 2027, driven by improved connectivity and data capabilities.
Investing in technology futures through bonds offers a way to participate in dollar-denominated returns, backed by the established reputation of Freedom and its leadership. The broader strategy centers on growing a diversified financial ecosystem and adding a strong telecom component to support sustained growth and innovation across Kazakhstan’s digital landscape.